Liquidators

Riad’s recommendation “surprising”: Brereton

Justice Paul Brereton has said that he found it “surprising” dVT’s Riad Tayeh recommended a company that wasn’t trading and whose only creditors were its shareholders and a related party, be wound up in a recent judgment. Tayeh has told SiN his honour was not wholly appraised of the relevant circumstances. In the matter of Classic Corporation Pty Ltd the judge was asked to rule on…


Pie Face liquidation exposes FEG limitations

Pie Face Pty Ltd deed administrator Sule Arnautovic will today recommend that creditors place the fast food maker into liquidation after secured lender TCA Global declined to tip in up to $3.5 million for employee entitlements and instead installed a receiver ahead of a planned sale of the business. In a report sent to to creditors last week the Jirsch Sutherland partner said the decision…


FTI contemplate appeal after CGU pursuit fails

Fuming? Well perhaps not quite. Disappointed? Definitely. The three FTI Consulting partners acting as liquidators of civil construction firm Akron Roads came very close to cracking open CGU recently, though ultimately a court found the insurer not liable to indemnify the company’s former business advisers. The decision – handed down on November 11 in the Supreme Court of Victoria – means FTI’s Ross Blakeley, Michael Ryan and…


Creditors reject Ferriers pair over ATO role

Creditors have rejected an attempt to supplant liquidator Schon Condon at a recent meeting of ABC Refinery Pty Ltd where the replacement’s independence came under scrutiny and the meeting chairman was forced to reprimand an Australian Tax Office (ATO) official. The minutes of the October 7 meeting outline how the ATO sought to have the Condon Associates founder and principal replaced with Ferrier Hodgson’s Robyn Duggan and…


SPL for Ridley if William Buck pair remain

Brendan Copeland and Rob Whitton could be beholden to a special purpose liquidator (SPL) if a court refuses an application to remove them as general purpose liquidators (GPLs) of Ridley Capital Holdings (RCH). Corbis Global, an Argentinean-based architectural, engineering and design firm with offices in the USA and Australia has applied in the NSW Supreme Court to have the pair removed so it can install…


Cor Cordis forced to adjourn vote on Dyldam deal

A compromise that would’ve seen Ozem Kassem and Jason Tang secure $750,000 to cover their fees and expenses was derailed yesterday when the Australian Tax Office (ATO) demanded that the Cor Cordis partners adjourn the meeting of creditors of Project 1876 Pty Ltd. Voting on the proposal had been scheduled for 11:00am today but SiN understands that the ATO – to which Project 1876 owes…


dVT partners confess to compliance failures

ASIC’s ongoing review of liquidator compliance has claimed a pair of significant scalps with the regulator announcing yesterday that Riad Tayeh and David Solomons of dVT Group had entered into voluntary undertakings (VUs) with the regulator. In a press release ASIC said the pair had acknowledged shortcomings in the standards of compliance required in terms of their obligations to publish public notices and lodge documents….


PPB granted leave in Hastie privilege skirmish

By two to one the eminences of the NSW Supreme Court of Appeal have given the nod to Hastie Group liquidators PPB as they battle to keep secret the contents of a report produced by audit expert Chris Westworth. The report is central to a deal inked with the Maurice Blackburn-backed Claims Funding Australia (CFA) that is bankrolling PPB’s pursuit of professional negligence claims against Hastie’s former auditors,…


FEG: keen to fund but beware priority creditors

FEG is keen to fund, attendees to the Australian Restructuring Insolvency & Turnaround Association’s (ARITA) NSW/ACT divisional conference heard yesterday. The head of the Department of Employment’s active creditor unit, who is charged with recovering as much as possible of every dollar doled out to employees of failed companies via the taxpayer-backed Fair Entitlements Guarantee Scheme (FEG), said yesterday that within limits, even smaller matters could be…


William Buck pair not budging on Ridley

William Buck’s Brendan Copeland and Rob Whitton continue to resist attempts to replace them as liquidators of Ridley Capital Holdings (RCH), a company associated with architect Joshua Ridley that these days goes by the nom de plume ACN 151 726 224 Pty Ltd (in Liq). In the NSW Supreme Court yesterday barrister Jim Johnson acting for the plaintiff and RCH’s former business partner Corbis Global, told…